Dogecoin 'Millionaire' Labels Ongoing Crypto Meltdown A 'Final Shakeout,' But Here's What These Analysts Think About DOGE's Potential
Glauber Contessoto, popularly known as SlumDOGE Millionaire, posted a series of optimistic takes on the cryptocurrency market on Monday, in stark contrast to the ongoing meltdown.
What happened: Contessoto took to X, saying, "The moment of truth, the final shakeout."
In another post, the legendary investor stated, "It's crazy how the bull run hasn't even started."
Given the current state of affairs, the optimism seemed a bit overstated. The total market value of all cryptocurrencies shrank nearly 4% in the last 24 hours, with total liquidations surging 53% to a whopping $954 million.
In fact, Dogecoin (CRYPTO: DOGE), the cryptocurrency that catapulted Contessoto to overnight fame, tumbled 38% over the month.
Contessoto didn't immediately return Benzinga's request for comment on their bullish predictions.
Notably, Contessoto gained fame for his early belief in Dogecoin (CRYPTO: DOGE), claiming that he went from being a struggling music producer to a millionaire in 69 days.
See Also: Microsoft May Have Given Bitcoin Investments A Miss But A Large MSFT Stock Holder Is A Strong Crypto, Blockchain Advocate
Why It Matters: Interestingly, influential cryptocurrency analyst, Ali Martinez, felt that Dogecoin's negative sentiment could pave the way for a rebound.
"Historically, extreme fear has set the stage for major reversals. This could be a prime opportunity to be a contrarian," Martinez emphasized.
Trader Tardigrade, another well-known chartist and trader, flagged $0.143 and $0.128 as potential reversal levels for Dogecoin.
Moreover, about 78% of Binance traders were positioned long on Dogecoin as of this writing, according to Coinglass, indicating the possibility of a bullish shift.
Price Action: At the time of writing, Dogecoin was exchanging hands at $$0.1584, plunging 8.64% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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Posted-In: dogecoin Glauber Contessoto Price Prediction SlumDOGE MillionaireCryptocurrency News Markets
